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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And these sources simply paid for your car expense.
Perhaps you have beaten this concept to death at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors predict Cashflow.
Again, I realized that I DID NOT want to be wealthy when I was 65 if it cost me my lifestyle during my younger years... I'd rather have a healthy amount of money coming in each month from several resources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even job as part of the equation.
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Both terms"residual income" and"passive income" attempt to capture the same concept of,"making money automatically." For the sake of brevity, I will only be using both terms interchangeably.
After hearing the words"passive income,", many of us immediately begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, take a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour responsibility in the barracks. .
An asset is something which puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money from you each month. It may be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Educate yourself to this point that you can find and buy American Real Estate that you rents in a higher cost that all of its expenses and there's still a significant amount left over. The leftover money is that stream of income or cash flow.  Finally, when we begin looking at such income flows collectively, it will become known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT need to be hard. However, you must learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you start talking to folks about finances you will soon begin to realize there are two different kinds of people in the world: those who understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Every one of those entities are money making systems. They create income while costing quite minimal personal work or time. Even though one of these ended up costing me a million dollars a month but produced two million dollars a month, it is this link an advantage.
Honestly, who cares how much You're spending on an asset every month when it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and so was that the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to that machine all day! In addition, you wouldn't care whether that machine charged you 50% interest on your buck before generating you the two bucks it spit out. .
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Because passive income inherently means I do not have to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Because some people that hear the word get disappointed when they recognize there is a lot of education and some significant set up needed on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it is a hell of a lot better than what I had been taught by some of my military and veteran mentors. .
As members of the army, we often believe it would be exceedingly difficult, or maybe even impossible, for us to find time to earn additional income. As far as our professional priorities, our military support should be in the very top. So how can we ensure that we are setting our new property investing business up for enormous success How do we make sure that it doesn't produce more anxiety than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing assets... a.k.a. rental properties.